Managers are the most likely to commit company fraud, with those recently promoted posing the greatest risk, a report published this morning has claimed.
The Ernst & Young report said 55 per cent of frauds reported by nearly 400 companies worldwide involved managers - 85 per cent of whom had held their position for less than a year.
The majority of fraudsters, 85 per cent , were on the payroll; suppliers, clients and organised crime syndicates accounted for the remaining 15 per cent.
The global survey found 47 per cent of companies admitted they had suffered a significant fraud in the last year, with nearly one in five reporting more than 10 incidents.
Of the financial losses, 57 per cent were relatively small at less than £60,000, but 13 per cent exceeded £600,000.
The survey also showed that companies were being recompensed for a greater proportion of their losses than before, with the amount recovered growing from 29 per cent in 2000 to 51 per cent last year.
However, recoveries from perpetrators remained low at 20 per cent , with most companies being recompensed by insurers, banks and suppliers.
PA